Cash flow MARA Holdings, Inc.

Equities

MARA

US5657881067

Blockchain & Cryptocurrency

Market Closed - Nasdaq Other stock markets 21:00:00 15/05/2026 BST			5-day change	1st Jan Change
12.44 ^USD	-6.40%		-3.86%	+38.53%

05-12	MARA Holdings, Inc., Q1 2026 Earnings Call, May 11, 2026
05-11	MARA Q1 Net Loss Widens, Revenue Falls	MT

1ce5179a6f6c5f5bcbffe0b011.OSOWVaLkhXhFKcE-ekZAPpvGZKmzERVNpu5YdzWBgog.V2_CL_jc5wIxdoZYQi0rff6VDdiLf2QB6YQcHljQt8drGsEvxY7qFD1Bpg

Published financial data: MARA HOLDINGS, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	150M	118M	388M	656M	907M
Other Revenues, Total	-	-	-	-	-
Total Revenues	150M	118M	388M	656M	907M
Cost of Goods Sold, Total	198M	72.72M	223M	412M	471M
Gross Profit	-47.52M	45.04M	164M	244M	436M
Selling General & Admin Expenses, Total	8.02M	56.74M	95.23M	272M	444M
R&D Expenses	-	-	-	13.23M	30.12M
Depreciation & Amortization - (IS)	-	78.71M	180M	404M	662M
Amortization of Goodwill and Intangible Assets - (IS)	-	-	-	22.92M	-
Other Operating Expenses	29.55M	273M	-331M	-814M	314M
Other Operating Expenses, Total	37.57M	408M	-56.74M	-102M	1.45B
Operating Income	-85.09M	-363M	221M	346M	-1.01B
Interest Expense, Total	-1.57M	-14.98M	-10.35M	-13M	-48.38M
Interest And Investment Income	677K	-	-	20.95M	55.86M
Net Interest Expenses	-892K	-14.98M	-10.35M	7.95M	7.47M
Income (Loss) On Equity Invest.	-	-	-617K	-1.5M	-4.7M
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	-952K	1.28M	-14.61M	289M	-105M
EBT, Excl. Unusual Items	-86.93M	-377M	195M	641M	-1.12B
Restructuring Charges	-	-	-	-	-23.8M
Merger & Related Restructuring Charges	-	-	-	-	-2M
Impairment of Goodwill	-	-	-	-	-82.8M
Gain (Loss) On Sale Of Investments	73.78M	-	-	-	12.62M
Gain (Loss) On Sale Of Assets	-	83.88M	-	-	-
Asset Writedown	-	-334M	-	-	-137M
Legal Settlements	-	-26.13M	-	-	-
Other Unusual Items	-	-55.67M	82.27M	-24.94M	-19.07M
EBT, Incl. Unusual Items	-13.15M	-709M	278M	617M	-1.37B
Income Tax Expense	23.02M	-21.84M	16.43M	75.5M	-56.38M
Earnings From Continuing Operations	-36.17M	-687M	261M	541M	-1.31B
Net Income to Company	-36.17M	-687M	261M	541M	-1.31B
Minority Interest	-	-	-	245K	412K
Net Income - (IS)	-36.17M	-687M	261M	541M	-1.31B
Preferred Dividend and Other Adjustments	-	-	2.12M	-	-
Net Income to Common Incl Extra Items	-36.17M	-687M	259M	541M	-1.31B
Net Income to Common Excl. Extra Items	-36.17M	-687M	259M	541M	-1.31B
Per Share Items
Net EPS - Basic	-0.36	-6.05	1.41	1.87	-3.69
Basic EPS - Continuing Operations	-0.36	-6.05	1.41	1.87	-3.69
Basic Weighted Average Shares Outstanding	99.34M	113M	184M	290M	355M
Net EPS - Diluted	-0.36	-6.05	1.06	1.72	-3.69
Diluted EPS - Continuing Operations	-0.36	-6.05	1.06	1.72	-3.69
Diluted Weighted Average Shares Outstanding	99.34M	113M	192M	312M	355M
Normalized Basic EPS	-0.55	-2.08	0.66	1.38	-1.96
Normalized Diluted EPS	-0.55	-2.08	0.63	1.29	-1.96
Supplemental Items
EBITDA	-70.18M	-284M	400M	773M	-352M
EBITA	-85.02M	-363M	221M	369M	-1.01B
EBIT	-85.09M	-363M	221M	346M	-1.01B
EBITDAR	-70.15M	-284M	481M	881M	-242M
Total Revenues (As Reported)	150M	-	-	-	-
Effective Tax Rate - (Ratio)	-175.01	3.08	5.92	12.25	4.12
Current Domestic Taxes	1.6K	734K	1.14M	2.28M	2.27M
Current Foreign Taxes	-	-	-	-	-
Total Current Taxes	1.6K	734K	1.14M	2.28M	2.27M
Deferred Domestic Taxes	23.02M	-22.57M	15.29M	73.22M	-58.65M
Deferred Foreign Taxes	-	-	-	-	-
Total Deferred Taxes	23.02M	-22.57M	15.29M	73.22M	-58.65M
Normalized Net Income	-54.33M	-236M	122M	401M	-697M
Interest on Long-Term Debt	1.9M	18.92M	13.52M	-	280K
Supplemental Operating Expense Items
General and Administrative Expenses	7.99M	56.38M	95.23M	272M	348M
Research And Development Expense From Footnotes	-	-	-	13.23M	30.12M
Net Rental Expense, Total	31.1K	356K	80.46M	108M	111M
Imputed Operating Lease Interest Expense	1.07K	56.43K	12.01M	8.04M	13.98M
Imputed Operating Lease Depreciation	30.03K	300K	68.45M	100M	96.53M
Stock-Based Comp., COGS (Total)	161M	-	-	-	-
Stock-Based Comp., R&D Exp. (Total)	-	-	-	-	1.63M
Stock-Based Comp., G&A Exp. (Total)	-	24.6M	32.64M	158M	169M
Stock-Based Comp., SG&A Exp. (Total)	-	-	-	-	2.02M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	161M	24.6M	32.64M	158M	172M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	269M	104M	357M	392M	547M
Short Term Investments	224M	-	-	-	-
Total Cash And Short Term Investments	492M	104M	357M	392M	547M
Accounts Receivable, Total	-	-	-	-	-
Other Receivables	-	18K	2.09M	6.34M	18.54M
Notes Receivable	30M	-	-	-	-
Total Receivables	30M	18K	2.09M	6.34M	18.54M
Prepaid Expenses	8.15M	40.83M	23.5M	35.61M	44.33M
Restricted Cash	-	8.8M	-	12M	12M
Other Current Assets, Total	158M	124M	647M	24.65M	42.27M
Total Current Assets	688M	278M	1.03B	470M	664M
Gross Property Plant And Equipment	298M	291M	868M	2.15B	2.71B
Accumulated Depreciation	-21.31M	-16.62M	-196M	-594M	-1.2B
Net Property Plant And Equipment	276M	274M	672M	1.56B	1.51B
Long-term Investments	3M	37M	106M	111M	134M
Goodwill	-	-	-	82.75M	-
Other Intangibles, Total	931K	-	-	2.71M	988K
Other Long-Term Assets, Total	480M	606M	183M	4.58B	4.98B
Total Assets	1.45B	1.2B	1.99B	6.8B	7.29B
Liabilities
Accounts Payable, Total	12.93M	1.31M	11.34M	12.56M	12.55M
Accrued Expenses, Total	867K	23.3M	22.29M	76.89M	86.98M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	-	-	-	-	398M
Current Portion of Leases	-	326K	124K	407K	1.9M
Other Current Liabilities	-	1.17M	-	5.35M	22.6M
Total Current Liabilities	13.79M	26.11M	33.76M	95.2M	522M
Long-Term Debt	728M	782M	326M	2.45B	3.2B
Long-Term Leases	-	1.02M	354K	26.69M	43.53M
Deferred Tax Liability Non Current	23.02M	-	15.29M	88.5M	29.86M
Other Non Current Liabilities	-	-	-	8.41M	12.46M
Total Liabilities	765M	809M	375M	2.67B	3.81B
Preferred Stock Convertible	-	-	-	-	-
Total Preferred Equity	-	-	-	-	-
Common Stock, Total	10.27K	15K	24K	34K	37K
Additional Paid In Capital	836M	1.23B	2.18B	4.16B	4.81B
Retained Earnings	-152M	-840M	-568M	-26.39M	-1.34B
Comprehensive Income and Other	-451K	-	-	-	-
Total Common Equity	683M	386M	1.62B	4.13B	3.47B
Minority Interest	-	-	-	6.91M	5.37M
Total Equity	683M	386M	1.62B	4.14B	3.48B
Total Liabilities And Equity	1.45B	1.2B	1.99B	6.8B	7.29B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	103M	167M	268M	346M	380M
ECS Total Common Shares Outstanding	103M	146M	243M	340M	379M
Book Value / Share	6.65	2.65	6.65	12.13	9.15
Tangible Book Value	682M	386M	1.62B	4.04B	3.47B
Tangible Book Value Per Share	6.64	2.65	6.65	11.88	9.15
Total Debt	728M	784M	326M	2.47B	3.65B
Net Debt	236M	680M	-31.18M	2.08B	3.1B
Debt Equivalent Oper. Leases	249K	2.85M	644M	867M	884M
Minority Interest, Total (Incl. Fin. Div)	-	-	-	6.91M	5.37M
Equity Method Investments, Total	-	-	-	57.45M	42.68M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	-	-	-	3.51M	663K
Buildings, Total	-	-	-	86.88M	91.49M
Machinery, Total	-	117M	862M	1.83B	2.35B
Full Time Employees	10	30	60	152	266
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-36.17M	-687M	261M	541M	-1.31B
Depreciation & Amortization - CF	15.03M	78.71M	180M	405M	661M
Amortization of Goodwill and Intangible Assets - (CF)	71.18K	-	-	22.92M	892K
Depreciation & Amortization, Total	15.1M	78.71M	180M	427M	662M
Amortization of Deferred Charges, Total - (CF)	-	26.73M	3.17M	2.71M	8K
Minority Interest in Earnings - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	-	-83.88M	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-73.78M	-	-	-	-12.62M
Asset Writedown & Restructuring Costs	-	390M	-	-	220M
(Income) Loss On Equity Investments - (CF)	-	-	617K	1.5M	4.7M
Stock-Based Compensation (CF)	161M	24.6M	32.64M	158M	172M
Provision and Write-off of Bad Debts	-	-	-	8.38M	-
Other Operating Activities, Total	53.55M	251M	-381M	-1.02B	341M
Change In Accounts Receivable	-	-	-	-9.32M	1.81M
Change In Accounts Payable	11.93M	13.22M	146K	13.2M	-2.86M
Change in Other Net Operating Assets	-150M	-190M	-412M	-803M	-878M
Cash from Operations	-18.22M	-176M	-316M	-677M	-803M
Capital Expenditure	-709M	-525M	-187M	-1.07B	-560M
Sale of Property, Plant, and Equipment	-	178M	-	3.51M	3.65M
Cash Acquisitions	-	-	-	-336M	-36.37M
Sale (Purchase) of Intangible assets	-	-	-	-2.63M	-
Investment in Marketable and Equity Securities, Total	-153M	-44.5M	-71.8M	-31.61M	-37.01M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-30M	-	-	-	-
Other Investing Activities, Total	-	849K	263M	-1.79B	-39.89M
Cash from Investing	-892M	-390M	4.6M	-3.23B	-670M
Short Term Debt Issued, Total	77.5M	120M	-	-	-
Long-Term Debt Issued, Total	729M	49.25M	-	2.38B	1.16B
Total Debt Issued	806M	169M	-	2.38B	1.16B
Short Term Debt Repaid, Total	-77.5M	-120M	-	-	-
Long-Term Debt Repaid, Total	-	-	-50M	-248M	-18.45M
Total Debt Repaid	-77.5M	-120M	-50M	-248M	-18.45M
Issuance of Common Stock	326M	361M	608M	1.85B	569M
Repurchase of Common Stock	-4.71M	-81K	-380K	-37.4M	-46.92M
Issuance of Preferred Stock	-	-	13.63M	-	-
Repurchase of Preferred Stock	-	-	-15.75M	-	-
Other Financing Activities, Total	-12.98M	-	-	7.15M	-39.21M
Cash from Financing	1.04B	411M	556M	3.95B	1.63B
Foreign Exchange Rate Adjustments	-	-	-	-	-
Net Change in Cash	127M	-156M	245M	46.46M	155M
Supplemental Items
Cash Interest Paid	-	11.43M	7.39M	678K	32.31M
Cash Income Tax Paid (Refund)	-	-	723K	1.15M	2.02M
Levered Free Cash Flow	-625M	-375M	-330M	380M	-401M
Unlevered Free Cash Flow	-624M	-369M	-327M	386M	-371M
Change In Net Working Capital	38.29M	-256M	491M	-655M	11.19M
Net Debt Issued / Repaid	729M	49.25M	-50M	2.13B	1.15B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-6.04	-17.2	8.67	4.92	-9
Return on Total Capital	-6.17	-17.59	8.87	5.06	-9.23
Return On Equity %	-7.27	-128.6	26.09	18.81	-34.46
Return on Common Equity	-7.27	-128.6	25.88	18.84	-34.51
Margin Analysis
Gross Profit Margin %	-31.58	38.25	42.37	37.22	48.04
SG&A Margin	5.33	48.18	24.57	41.45	48.94
EBITDA Margin %	-46.64	-241.52	103.33	117.74	-38.81
EBITA Margin %	-56.5	-308.36	57.01	56.24	-111.72
EBIT Margin %	-56.55	-308.36	57.01	52.75	-111.82
Income From Continuing Operations Margin %	-24.04	-583.2	67.4	82.42	-144.63
Net Income Margin %	-24.04	-583.2	67.4	82.46	-144.58
Net Avail. For Common Margin %	-24.04	-583.2	66.85	82.46	-144.58
Normalized Net Income Margin	-36.11	-200	31.5	61.12	-76.88
Levered Free Cash Flow Margin	-415.7	-318.33	-85.27	57.94	-44.22
Unlevered Free Cash Flow Margin	-415.05	-313.73	-84.42	58.77	-40.89
Asset Turnover
Asset Turnover	0.17	0.09	0.24	0.15	0.13
Fixed Assets Turnover	1.02	0.43	0.82	0.59	0.59
Receivables Turnover (Average Receivables)	-	-	-	-	-
Short Term Liquidity
Current Ratio	49.89	10.63	30.51	4.94	1.27
Quick Ratio	35.69	3.97	10.65	4.18	1.08
Operating Cash Flow to Current Liabilities	-1.32	-6.76	-9.35	-7.11	-1.54
Days Sales Outstanding (Average Receivables)	-	-	-	-	-
Average Days Payable Outstanding	12.84	22.8	10.34	10.61	9.72
Long Term Solvency
Total Debt/Equity	106.64	203.01	20.18	59.81	104.84
Total Debt / Total Capital	51.61	67	16.79	37.43	51.18
LT Debt/Equity	106.64	202.93	20.17	59.8	93.34
Long-Term Debt / Total Capital	51.61	66.97	16.79	37.42	45.57
Total Liabilities / Total Assets	52.84	67.71	18.84	39.19	52.28
EBIT / Interest Expense	-54.21	-24.24	21.34	26.64	-20.96
EBITDA / Interest Expense	-44.58	-18.96	46.46	67.8	-4.99
(EBITDA - Capex) / Interest Expense	-496.2	-54	28.44	-14.39	-16.57
Total Debt / EBITDA	-10.41	-2.76	0.68	2.81	-15.09
Net Debt / EBITDA	-3.37	-2.39	-0.06	2.36	-12.83
Total Debt / (EBITDA - Capex)	-0.94	-0.97	1.11	-13.23	-4.55
Net Debt / (EBITDA - Capex)	-0.3	-0.84	-0.11	-11.14	-3.86
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	3.35K	-26.02	229.09	69.38	38.2
Gross Profit, 1 Yr. Growth %	544.42	-65.8	264.51	48.83	44.81
EBITDA, 1 Yr. Growth %	1.09K	-12.79K	-236.17	93.01	-145.4
EBITA, 1 Yr. Growth %	856.25	2.77K	-159.26	67.1	-374.55
EBIT, 1 Yr. Growth %	849.45	2.77K	-159.26	56.72	-392.97
Earnings From Cont. Operations, 1 Yr. Growth %	246.24	1.75K	-137.63	107.15	-342.49
Net Income, 1 Yr. Growth %	246.24	1.75K	-137.63	107.24	-342.3
Normalized Net Income, 1 Yr. Growth %	843.97	2.5K	-150.54	228.59	-275
Diluted EPS Before Extra, 1 Yr. Growth %	180.12	1.52K	-117.3	62.77	-314.3
Accounts Receivable, 1 Yr. Growth %	-	-	-	-	-
Net Property, Plant and Equip., 1 Yr. Growth %	1.49K	-0.7	145.06	131.84	-2.99
Total Assets, 1 Yr. Growth %	362.33	-17.25	66.57	241.61	7.14
Tangible Book Value, 1 Yr. Growth %	119.5	-43.34	318.7	150.23	-14.17
Common Equity, 1 Yr. Growth %	119.1	-43.42	318.7	155.52	-15.92
Cash From Operations, 1 Yr. Growth %	134.36	830.51	78.86	114.48	18.57
Capital Expenditures, 1 Yr. Growth %	750.12	-25.95	-64.46	472.56	-47.54
Levered Free Cash Flow, 1 Yr. Growth %	172.67	-53.31	-13.25	-215.21	-205.73
Unlevered Free Cash Flow, 1 Yr. Growth %	172.26	-53.93	-12.88	-218.03	-195.71
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	1.03K	419.87	56.03	136.1	53
Gross Profit, 2 Yr. CAGR %	314	843.42	11.66	132.92	57.72
EBITDA, 2 Yr. CAGR %	400.94	595.28	479.69	62.11	-6.93
EBITA, 2 Yr. CAGR %	378.05	537.05	759.84	-0.49	114.18
EBIT, 2 Yr. CAGR %	373.74	537.05	759.84	-3.63	114.28
Earnings From Cont. Operations, 2 Yr. CAGR %	220.71	710.74	195.98	-11.71	124.12
Net Income, 2 Yr. CAGR %	220.71	710.74	195.98	-11.69	124.09
Normalized Net Income, 2 Yr. CAGR %	417.09	527.32	534.95	28.87	139.01
Diluted EPS Before Extra, 2 Yr. CAGR %	-17.11	586.72	87.81	-46.94	86.77
Accounts Receivable, 2 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 2 Yr. CAGR %	725.65	296.76	55.99	138.36	49.97
Total Assets, 2 Yr. CAGR %	1.38K	95.34	17.41	138.54	91.31
Tangible Book Value, 2 Yr. CAGR %	1.53K	11.45	54.02	223.68	46.55
Common Equity, 2 Yr. CAGR %	1.27K	11.27	53.92	227.09	46.58
Cash From Operations, 2 Yr. CAGR %	134.3	376.49	307.98	95.86	59.47
Capital Expenditures, 2 Yr. CAGR %	36.73K	150.9	-48.7	42.64	73.31
Levered Free Cash Flow, 2 Yr. CAGR %	4.97K	27.81	-35.6	-0.07	10.66
Unlevered Free Cash Flow, 2 Yr. CAGR %	5.34K	26.88	-35.88	1.36	7.47
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	358.37	363.15	346.37	60.36	97.5
Gross Profit, 3 Yr. CAGR %	132.65	153.26	587.14	22.88	113.09
EBITDA, 3 Yr. CAGR %	142.3	366.75	308.29	301.78	6.18
EBITA, 3 Yr. CAGR %	130.55	360.42	191.19	398.04	39.57
EBIT, 3 Yr. CAGR %	129.89	357.52	191.19	387.52	39.61
Earnings From Cont. Operations, 3 Yr. CAGR %	41.33	480.15	192.39	162.78	23.64
Net Income, 3 Yr. CAGR %	41.33	480.15	192.39	162.82	23.63
Normalized Net Income, 3 Yr. CAGR %	123.52	387.55	173.24	409.77	42.39
Diluted EPS Before Extra, 3 Yr. CAGR %	-46.74	125.19	102.05	79.06	-15.5
Accounts Receivable, 3 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 3 Yr. CAGR %	543.94	307.55	237.89	78.02	76.64
Total Assets, 3 Yr. CAGR %	553.28	465.2	85.24	67.61	82.68
Tangible Book Value, 3 Yr. CAGR %	626.87	431.25	73.25	81.07	107.95
Common Equity, 3 Yr. CAGR %	516.09	372.97	73.06	82.25	107.97
Cash From Operations, 3 Yr. CAGR %	30.28	276.05	243.72	229.27	65.69
Capital Expenditures, 3 Yr. CAGR %	412.98	4.55K	30.79	14.64	2.2
Levered Free Cash Flow, 3 Yr. CAGR %	289.66	1.06K	12.92	-21.85	1.74
Unlevered Free Cash Flow, 3 Yr. CAGR %	280.02	1.11K	12.55	-21.45	-0.41
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	32.65	195.84	201.23	253.73	190.87
Gross Profit, 5 Yr. CAGR %	59.32	43.84	112.67	144.92	286.39
EBITDA, 5 Yr. CAGR %	53.75	96.82	140.92	207.81	126.67
EBITA, 5 Yr. CAGR %	59.78	106.56	99.8	150.8	157.53
EBIT, 5 Yr. CAGR %	160.33	99.53	99.42	146.67	157.57
Earnings From Cont. Operations, 5 Yr. CAGR %	4.64	85.42	82.75	173.78	162.89
Net Income, 5 Yr. CAGR %	4.76	85.42	82.75	173.81	162.87
Normalized Net Income, 5 Yr. CAGR %	101.96	54.71	90.5	187.79	158.99
Diluted EPS Before Extra, 5 Yr. CAGR %	-58.68	-20.63	-15.17	26.59	95.79
Net Property, Plant and Equip., 5 Yr. CAGR %	527.79	-	265.22	228.85	144.16
Total Assets, 5 Yr. CAGR %	139.74	139.85	228.63	300.26	87.64
Tangible Book Value, 5 Yr. CAGR %	99.36	120.66	290.65	335.74	62.03
Common Equity, 5 Yr. CAGR %	137.06	120.6	253.66	308.1	61.94
Cash From Operations, 5 Yr. CAGR %	12.36	74.82	107.33	189.69	152.81
Capital Expenditures, 5 Yr. CAGR %	866.91	824.14	104.22	1.05K	46.37
Levered Free Cash Flow, 5 Yr. CAGR %	147.8	150.96	99.06	335.35	11.82
Unlevered Free Cash Flow, 5 Yr. CAGR %	135.3	143.88	95.76	349.27	10.08